Top Stories of Geely in 2022

Geely, one of the largest Chinese automaking conglomerates, accomplished multiple noteworthy milestones in 2022, including shooting nine satellites into orbit.

Photo credit: Geely

During the past year, Geely launched a diversity of vehicle models via existing or newly-established brands, gaining a positive growth in annual sales. The automaker saw its affiliated automotive intelligence firm, ECARX, go public on Nasdaq, while its ZEEKR electric vehicle startup proposed to be an independent spin-off company for a potential IPO.

Globally, the Chinese auto giant launched the first model after acquiring Lotus. Meanwhile, the company also obtained 7.60% stake in English luxury performance vehicle maker Aston Martin Lagonda Global Holdings plc (Aston Martin).

Let’s take a trip down memory lane and review Geely’s achievements in 2022.

Geely Automobile posts 8% YoY growth in 2022 annual sales

Geely Automobile Holdings Limited (Geely Automobile) boasted an 8% year-on-year growth in its 2022 sales volume, according to the company’s sales report.

In December 2022, Geely Automobile sold 146,017 vehicles, representing a drop of 8% year-over-year. Last year, the automaker saw an annual sales volume of 1,432,988 vehicles, compared to the 1,328,029 vehicles sold in 2021.

Geely-backed ECARX goes public on Nasdaq

ECARX, the automotive intelligence solution provider backed by Geely, announced on December 21 its shares and warrants have started trading on the Nasdaq via a SPAC merger with COVA Acquisition Corp.

The merger deal between ECARX and COVA was signed in May this year. The estimated valuation after the merger came in at around US$3.8 billion. The public offering will raise an estimated US$368 million after expenses, and existing shareholders will retain 89 percent ownership in the combined company, ECARX said in an investors' presentation in November.

Geely Automobile announces proposed spin-off of ZEEKR

Geely Automobile Holdings Limited ("Geely Automobile" and "the company") announced on Dec. 13 that its non-wholly-owned subsidiary, ZEEKR Intelligent Technology Holding Limited ("ZEEKR") on Dec. 7 (New York time) submitted to the SEC a draft registration statement for a possible IPO in the U.S., indicating the company is seeking a spin-off for the premium electric vehicle (EV) brand.

Upon completion of the proposed spin-off, it is expected that ZEEKR will continue to be a non-wholly-owned subsidiary of the company.

Geely, Renault Group intend to build joint venture for powertrain business

Geely Automobile Holdings Limited ("Geely Automobile") announced on Nov. 8 it has signed a non-binding framework agreement with Zhejiang Geely Holding Group ("Geely Holding") and Renault Group to create a new joint venture dedicated to developing, manufacturing, and supplying internal combustion engine (ICE), hybrid and plug-in hybrid powertrains and transmissions.

Under the framework agreement, Geely Holding and Geely Automobile (collectively referred to above as "Geely") will together hold 50% stake in the new joint venture, while the other 50% will belong to Renault Group.

Geely makes foray into European Union via cooperation with Grand Automotive Central Europe

Chinese automaker Geely Auto Group officially announced its foray into the European Union market via a strategic cooperation with Hungarian car importer, Grand Automotive Central Europe, on November 5 in Budapest.

Per the agreement, leveraging its impressive sales network, Grand Automotive Central Europe will help Geely distribute the Geometry C, an electric car model under the auto group’s Geometry brand, in Hungary, the Czech Republic, and Slovakia. The first batch Geely vehicles are expected to be officially on the market of the three countries in the first half of 2023.

Geely Holding acquires 7.60% stake in Aston Martin Lagonda

On September 30, China’s major auto group, Zhejiang Geely Holding Group Co., Ltd. (Geely Holding) announced that it has officially acquired 7.60% stake in English luxury performance vehicle maker Aston Martin Lagonda Global Holdings plc (Aston Martin).

Li Donghui, CEO of Geely Holding, said that "We are delighted to officially become an investor in Aston Martin. Geely Holding has rich experience in supporting the transformation of companies it held, and has a solid accumulation of technology in the fields of electric supercars and intelligent connected vehicles, which will help Aston Martin achieve greater success in the future. We look forward to working with Aston Martin to explore synergistic opportunities as Aston Martin remains committed to its strategy to achieve long-term sustainable growth and profitability. "

Geely, ZEEKR, CEPF launch Blue Guardian AI satellite data platform for marine protection

Zhejiang Geely Holding Group (Geely Holding), China’s leading automotive group launched its Blue Guardian AI satellite data platform at ZEEKR’s intelligent factory on August 19th.

The Blue Guardian project focuses on ocean cleanup and the protection of marine life. It uses high-level remote sensing AI satellites that were independently developed and designed by Geely Holding’s GeeSpace, its aerospace arm. The satellites will be used to locate and identify various types of marine waste including plastic buildup and floating garbage, oil spills, and even areas where an imbalance in the ecosystem has resulted in unnatural overgrowths of sea algae and moss.

Geely launches new outdoor lifestyle auto brand RADAR

On July 12, Zhejiang Geely Holding Group (“Geely Holding”) launched a fire new brand, RADAR, which the company claimed as China's first full electric outdoor lifestyle vehicle brand.

The new brand's first electric adventure vehicle, the RD6 pick-up truck, also made its debut at the same time.

According to the company, the RADAR is launched as an independent brand within Geely Holding Group, which will give the brand considerable access to full vehicle technologies and shared components for electric vehicles.

Geely-backed Xingji Technology gains control of smartphone maker Meizu

On July 4, Hubei Xingji Shidai Technology Co., Ltd. (“Xingji Technology”), a Geely-backed mobile device company, signed an agreement for the strategic investment in the smartphone maker Zhuhai Meizu Technology Co., Ltd. (“Meizu Technology”), according to a press release from Xingji Technology.

At the signing ceremony, Xingji Technology announced its formal acquisition of 79.09% stake in Meizhu Technology and the sole control of the phone maker.

Geely launches nine satellites into orbit for better mobility experience

At 12:00 p.m. Beijing Time, June 2nd, China’s major automaker Geely successfully conducted its first satellite launch, shooting nine satellites into orbit forming a high-precision spatio-temporal information network for its intelligent vehicles on Earth.

Geely’s self-developed Geely-01 constellation consisting of nine satellites was lifted from the Xichang Satellite Launch Center in southwest China's Sichuan Province. The satellites are manufactured by Geely’s Taizhou satellite super factory with a designed lifespan of five years. This marked the first commercial “one rocket with nine satellites” launch in China.

Lotus Eletre all-electric SUV to make China debut on June 1

The Eletre, the high-performance full-electric SUV under the Geely-owned upscale brand Lotus, will make its China debut on June 1, 2022, according to a post on Lotus' WeChat account.

The model will be put into volume production at the brand's intelligent plant in Wuhan in the second half of this year. The Eletre is now on presale across global markets, with initial customer deliveries starting in 2023 in China, the UK and Europe.